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Fiji Development Bank ANNUAL REPORT 2010 VISION to Be a Dynamic Financial Service Provider in the Development of Fiji

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Fiji Development Bank ANNUAL REPORT 2010 VISION to Be a Dynamic Financial Service Provider in the Development of Fiji FIJI DEVELOPMENT BANK ANNUAL REPORT 2010 VISION To be a dynamic financial service provider in the development of Fiji. MISSION We provide finance, financial and advisory services to assist in the economic development of Fiji and in particular the development of agriculture, commerce and industry. COPRPORATE OBJECTIVE To be a profitable and self-sustaining financial institution. STRATEGIC OBJECTIVES 1. To continue to be a sustainable Development Financial Institution. 2. To increase market share in the focused areas: • Resource-based market sectors • Small, medium enterprise market 3. To introduce micro-loan banking services as a product service that caters to the poorer sector of the community. 4. To operate a licensed credit institution. ABOUT US The Fiji Development Bank was established under CONTENTS the Fiji Development Bank Act (Cap 214) on 1 July, 1967. The Bank is an autonomous statutory body, the Letter to the Minister for Finance operations of which are controlled by a Board of 2 Directors appointed by the Minister of Finance. Executive Report Under the Act, the Bank provides finance for 3 projects that contribute to the development of the Board of Directors Fiji economy and improves the quality of life for the people of Fiji. Loan funds are provided for agricultural, 7 micro, small and medium, as well as corporate Corporate Governance enterprise projects. The Government also uses the FDB 9 as a financial instrument in its development projects/ Executive Management 1 plans and special assistance programmes that may be necessary from time to time. 12 Fiji Development Bank Organigram Over the years FDB has introduced a range of loan packages and services aligning it with its strategic 13 objectives and customer demands. At the same Financial Year in Review time, the FDB has the challenging task of matching 14 its competitiveness level with that in the banking and Operational Review finance sector. 20 The Bank has played a significant role in developing Risk Management the various economic sectors of the country and believes in a strong corporate social programme 25 which it undertakes through Money $mart™ and Corporate Social Responsibility Invest $mart™, a financial literacy programme in all Fiji 30 secondary schools as well as the annual Small Business Financial Report Awards. 35 2010 ANNUAL REPORT Development Bank Centre 360 Victoria Parade FIJI DEVELOPMENT BANK GPO Box 104 Suva, Fiji Tel: 331 4866 Fax: 331 4886 10 January 2011. Commodore Josaia Voreqe Bainimarama Ministry of Finance Prime Minister’s Office Level 4, Government Buildings (New Wing) Gladstone Road SUVA. Dear Sir, I have much pleasure in submitting the annual report and accounts for the Fiji Development Bank for the financial year 30 June 2010. 2 In light of the many challenges facing Fiji’s economy, the Bank recorded a profit of $2.36 million. Although this is a decline of $1.12 million over the 2008/2009 financial year, the Bank attained this positive result through prudent spending and stringent cost control measures. During the year, the Bank’s gross portfolio stood at $437.86 million, an increase of 1.05 percent compared to $433.26 million for the previous year. This increase is a reflection of an increase in lending to the focused sector. The Board wishes to also acknowledge the effort and commitment of the executive management and staff of the Bank in what has been another challenging year. Yours sincerely, Robert G. Lyon Chairman Branches: Nausori Rakiraki Ba Lautoka Sigatoka Labasa Seaqaqa Savusavu Nadi FIJI DEVELOPMENT BANK EXECUTIVE REPORT Inclement weather resulting in flooding The Global Environment to fiscal and monetary 3 No doubt, the financial year management with special in most parts of Fiji in addition to ending June 2010 was an focus on revenue and tax Tropical Cyclone Tomas in the early extremely difficult one. As a measures, land tenure, nation, we were not spared the civil service, public part of 2009 badly affected agricultural from the global economic enterprises and government production including forestry and and financial crisis which related entities. As a began in mid-2007 when development financing fishing. the US sub-prime mortgage institution owned by collapsed. The impact of Government, our Bank’s the crisis on employment, corporate strategies and consumer confidence, action plan will always demand and income level reflect the need and focus of was overwhelming. We Government. significantly suffered when our visitor arrivals and foreign Inclement weather resulting exchange earnings fell in in flooding in most parts of the last two financial years. Fiji in addition to Tropical Notably, our remittances Cyclone Tomas in the early from abroad also dropped. part of 2009 badly affected agricultural production Domestic Reforms including forestry and fishing. The Government’s short to mid-term activities The Reserve Bank of Fiji evolved around the 10 point also took the bold step to economic plan introduced devalue the Fijian dollar in the 2009 National Budget to ease pressure on the Address. Reform was one balance of payments. of the main agenda items The devaluation of the of Government - reforms Fijian dollar against other 2010 ANNUAL REPORT currencies made our exports of lending to the agricultural Microfinance the Ministry of Education in and country as a tourist sector, our experience in Supporting entrepreneurship 2007 under the Commercial destination more attractive. lending to this sector is poor through small or micro credit Studies Curriculum for third Further cuts were made client serviceability and low loans has always been a formers in 162 secondary on interest rates including rate of recovery. focus for the Bank ever since schools throughout Fiji. The repurchase of bonds to its inception in 1967. In March extension also covers the boost liquidity in the banking Our Business 2009, the Board approved inclusion of Invest $mart™ for system as well as to limit the Notwithstanding the difficult the reinstatement of the fourth formers in 2011, further effects of financial stress, operational environment, Micro Credit Scheme (MCS expanding the provision revive investor confidence the Bank posed a return on -formerly known as the Small of financial literacy in all and support local demand. equity of 2.15% in 2009/2010 Rural & Agriculture Scheme) secondary schools. compared to 3.35% in and the implementation of In terms of economic 2008/2009. The actual an additional loan facility, Our Risks performance, GDP growth profit for the year was $2.36 the Agri-finance Scheme One of the principles was estimated to contract million derived from total (AFS) under the Social adopted for effective by 3% in 2009. assets valued at close to Banking Facility (SBF). The development financing is $380MM. To reverse the SBF is designed to help risk management. We have Our Mandate declining profitability trend, alleviate poverty and uplift a process in place called FDB’s operations are it would mean securing the living standards of the Enterprise Risk Management governed by the FDB Act cheaper source of funds least advantaged members (ERM). The process involves and the 2009 – 2011 Strategic and rebalancing the credit of the community. Under this identifying, managing, Plan. Within this framework, portfolio to attract high value facility, the Bank provided communicating and the activities are designed corporate customers. loans to clients who would controlling risks - credit risk, 4 to stimulate the promotion not have had access to liquidity risk and operational and development of natural The Bank’s interest income credit otherwise because risk across the Bank’s entire resources, transportation for the year stood at of insufficient equity and operations. Our primary focus and other industries and $30.36 million – a significant security. is to create and protect our enterprises in Fiji. We give reduction of 23% over the shareholder value and to special considerations and 2009 financial year whilst Under this provision, the inter-mediate risks portrayed priority to Fiji’s economic interest expenses rose by 25% Bank set aside a provision in the financial results and development with focus on over the same period. The of $3.00MM, which was existing processes. the rural and agricultural effect on the interest spread exhausted by December sectors. was significant, a reduction 2009 and the SBF suspended ERM is more like a balancing of almost 300 basis points temporarily. This did not act – to engage in risks Government’s new strategic on the previous margin. The affect lending to small without compromising loan direction includes increasing growth in income namely businesses under the various quality and profitability. Our domestic production in fees and charges and the other facilities available ERM practices are still being resource-based sectors ability to control staff costs, at the Bank. At the close refined and we hope to as a means of improving helped in mitigating a further of the 2009/2010 financial cover a wider risk spectrum domestic food security and decline in profitability. year, the SBF accounted for similar to other financial reducing Fiji’s dependency a total of 1,871 clients with institutions. on imported food products. The growth in new business borrowings of $6.65MM. This The real dilemma in our approvals for the Bank has number accounted for 28.6% Existing bank policies, development financing was also seen a steady decline of all Bank clients and 1.5% infrastructure and the expectation to achieve over the last five years from of the Bank’s total portfolio operational facilities a return on investment of $227.27MM in the 2005 respectively. (including the Management at least 10% per annum financial year, to a modest Information System) are (Government's corporate $56.78MM for the 2010 Financial Literacy being continuously reviewed target) whilst lending to a financial year. The decline is The Bank has also extended to ensure its robustness and high risk and susceptible due to a shift in the lending to 2011, its financial support resilience in the face of a area such as agriculture.
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